Two Months Into Renewal, Kodak Asks Court To Be Released From PGA Tour Deal

Kodak has filed a motion with the U.S. Bankruptcy Court's Southern District of New York to reject several major advertising and sponsorship contracts, including its recent sponsorship renewal with the PGA Tour. The renewal was signed on December 14th, just over a month before the company filed for bankruptcy. In addition, Kodak is asking the court to reject its sponsorship of the PGA Tour's tournament at the Century Club in San Diego as well as numerous advertising agreements with OOH advertising company, Clear Channel Spectacolor. As part of its ongoing reorganization, Kodak also yesterday agreed to sell its online business to photo sharing website, Shutterfly, for $23.8 million.

“We are using the Chapter 11 process to address legacy costs that do not fit our current business needs,” Kodak spokesman Christopher Veronda told the Wall Street Journal in a statement.

Kodak is in the process of reorganizing its consumer business to focus on retail photo solutions such as picture kiosks as well as home printing products like consumer inkjet printers.